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Methanex abandons Western Australia plans.(News)(Brief Article)
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Chemical Market Reporter
- Article date:
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October 6, 2003
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Copyright informationCOPYRIGHT 2003 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FACED WITH skyrocketing capital costs, Methanex Corp. will not proceed with a planned 1.3 million metric ton methanol plant on the Burrup Peninsula of Australia. Instead, the company will take a $40 million onetime, noncash charge in the third quarter to write off the costs incurred in developing the project.
Initially, Methanex had planned a 2 million ton plant in Darwin, Australia. The company later scaled that project back to 1.3 million tons and moved the planned facility to the Burrup Peninsula in Western Australia.
"We have rigorously studied several combinations of sites, technologies and scale in Australia, but we have been unable to develop a methanol project ...
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